Benzinga - Shares of several Bitcoin (CRYPTO: BTC) mining stocks including Marathon Digital Holdings Inc (NASDAQ: MARA), Riot Platforms Inc (NASDAQ: RIOT) and CleanSpark Inc (NASDAQ: CLSK) are trading higher Monday amid strength in the price of Bitcoin. Earnings optimism could also be helping drive mining stocks higher. Here’s what you need to know.
What To Know: Bitcoin miners and other crypto-related stocks are getting a lift Monday as the price of Bitcoin continues to trend higher, driving strength in the broader crypto space. Bitcoin hit its highest level since December 2021 Monday morning as the crypto appears to be benefiting from increased institutional adoption on the back of recently approved spot ETFs and excitement surrounding April’s halving event.
Bitcoin mining stocks may also be seeing increased buying attention after CleanSpark shares soared after the company reported fiscal first quarter earnings at the end of last week.
Riot is expected to report earnings near the end of the month. The company is expected to report a loss of 28 cents per share and revenue of $85.757 million. Marathon is expected to report earnings in early March. The company is expected to report earnings of 2 cents per share and revenue of $141.408 million.
Marathon Digital is engaged in mining digital assets and focuses on the Bitcoin ecosystem. The stock was up 7.03% at $25.60 at publication time.
Riot Blockchain is focused on building, supporting and operating blockchain technologies with a vision to become the leading Bitcoin-driven infrastructure platform. Shares were up 8.26% at $15.80 Monday morning.
CleanSpark is an energy company that transitioned its expertise to focus on Bitcoin mining in 2020. Cleanspark shares were up 12.8% at $15.72 at the time of publication.
Check This Out: Bitcoin Inflows Could Reach $130B In 2024, Says Crypto VC: ‘What Is The Bear Argument Here?’
$BTC Price Action: Bitcoin was up 1.51% over a 24-hour period at $48,863 at the time of publication, according to Benzinga Pro.
Photo: Eivind Pedersen from Pixabay.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.